Iraq Now Second-Largest Oil Producer in OPEC

Iraq has finally overtaken Iran as the second largest oil producer in OPEC according to the International Energy Agency. Baghdad chalked up 3mb/d production compared to 2.9mb/d from Tehran. For some, that's cause for celebration – 'proving' that international sanctions against Iran are 'working' – but it merely highlights the profound supply side problems afflicting the oil world. Bad news all round.

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